Modine Manufacturing Company (NYSE:MOD) Shares Sold by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp has reduced its stake in Modine Manufacturing by 37.2%, selling 21,743 shares in the first quarter, leaving it with approximately 36,694 shares valued at $2.8 million.
• Modine's recent earnings report exceeded analyst expectations, posting $1.06 earnings per share against a forecast of $0.93, with revenue of $682.8 million compared to predictions of $653.8 million.
• Equities analysts have mixed views on the stock, with KeyCorp increasing its price target to $150, while Wall Street Zen downgraded Modine from a "buy" to a "hold" rating.

Alberta Investment Management Corp decreased its position in Modine Manufacturing Company (NYSE:MOD - Free Report) by 37.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,694 shares of the auto parts company's stock after selling 21,743 shares during the quarter. Alberta Investment Management Corp owned about 0.07% of Modine Manufacturing worth $2,816,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MOD. GAMMA Investing LLC increased its holdings in shares of Modine Manufacturing by 63.1% in the first quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock valued at $28,000 after buying an additional 142 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Modine Manufacturing by 9,728.6% in the 1st quarter. Bessemer Group Inc. now owns 3,440 shares of the auto parts company's stock worth $264,000 after acquiring an additional 3,405 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Modine Manufacturing by 159.7% during the first quarter. Janney Montgomery Scott LLC now owns 9,976 shares of the auto parts company's stock worth $766,000 after purchasing an additional 6,134 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Modine Manufacturing by 3.6% during the fourth quarter. Wells Fargo & Company MN now owns 322,315 shares of the auto parts company's stock valued at $37,366,000 after purchasing an additional 11,350 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Modine Manufacturing by 384.3% in the 1st quarter. Bank of New York Mellon Corp now owns 848,068 shares of the auto parts company's stock valued at $65,089,000 after purchasing an additional 672,960 shares during the period. Institutional investors own 95.23% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MOD shares. KeyCorp lifted their price target on Modine Manufacturing from $125.00 to $150.00 and gave the stock an "overweight" rating in a research note on Thursday. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Oppenheimer upped their price target on shares of Modine Manufacturing from $121.00 to $122.00 and gave the company an "outperform" rating in a research report on Tuesday, July 1st.

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, EVP Michael B. Lucareli sold 5,778 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $115.00, for a total value of $664,470.00. Following the transaction, the executive vice president owned 121,142 shares in the company, valued at approximately $13,931,330. This represents a 4.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Brian Jon Agen sold 47,939 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $110.50, for a total transaction of $5,297,259.50. Following the completion of the sale, the vice president owned 90,015 shares of the company's stock, valued at approximately $9,946,657.50. The trade was a 34.75% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.48% of the company's stock.

Modine Manufacturing Stock Performance

Shares of MOD stock opened at $133.24 on Friday. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 38.18, a P/E/G ratio of 0.87 and a beta of 2.12. Modine Manufacturing Company has a 1-year low of $64.79 and a 1-year high of $146.84. The company has a current ratio of 1.78, a quick ratio of 1.15 and a debt-to-equity ratio of 0.32. The stock's fifty day simple moving average is $98.25 and its 200-day simple moving average is $93.35.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its earnings results on Wednesday, July 30th. The auto parts company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $682.80 million for the quarter, compared to analysts' expectations of $653.80 million. Modine Manufacturing had a return on equity of 24.82% and a net margin of 7.21%. The business's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.04 EPS. On average, sell-side analysts predict that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

About Modine Manufacturing

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.

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